"( CREE ) today announced revenue of $97,451,000 for the second quarter of fiscal 2005 which ended on December 26, 2004, representing a 34 percent increase over the Company's comparable
year ago period revenue of $72,684,000. Net income for the second quarter increased 92 percent to $25,022,000, or $0.32 per share, compared to $13,007,000, or $0.17 per share, as reported for the second quarter of
fiscal 2004."

Reason For Rebound: Earnings Gains Classify Company As A Growth Company

My Take:

Although the Q3 numbers missed expectations they still represent very nice growth
from the previous year and period. This growth stock is currently trading at the price of a value stock due to it's current PE of 22.77. It fell to this level because of an overreaction to coming
short on earnings estimates and guiding for the next quarter.